Say what you wish about the Chinese, they seem to be able to sum things up in just a few words:
“If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking.”
Source of the quote? Fellow by the name of Jin Liqun who invests about $400 billion of China’s sovereign wealth. Guess it’s fair to say not too much of that capital will be invested in European businesses this year. We hope someone will get Mr. Liqun to communicate his sentiments about the good ole US of A and its disciplined economic environment.
Here’s a link to the article that was sent to us by a loyal follower and supporter of TheFundamentals.
We noticed that the American president was lecturing the Chinese about behaving like adults. Could someone please help us out with Obama’s thinking behind this remark? In less than three years in office, Obama and his congress and his treasury secretary and his federal reserve chairman have issue public debt totaling $4.3 trillion (all time record for our universe) while incurring incalculable trillions of contingent liabilities (these are the ones that the kids and grandkids get to pay) and spending record amounts of America’s wealth on completely nonproductive welfare like state programs and bureaucracies and, mostly, just over inflated salaries, benefits and pensions to unneeded government employees.
Apparently Obama calls this “acting grown up.” At TheFundamentals, we call it for what it is – sloth and indolence. The Greeks and other European countries are pretty good at sloth and indolence. Back here at home, we are even better at it and when we do it there are many more zeroes added to the invoice.
Just how long do you think the Chinese will fund slothful countries?